Donini, Inc. Signs Letter of Intent for Merger
December 14 2009 - 10:02AM
Marketwired
Peter Deros, President and CEO of Donini, Inc., (PINKSHEETS: DNNC)
announced today that the Company has signed a Letter of Intent
(LOI) to merge with Kern Automotive Group, Inc. (Kern)
Kern is a unique automotive dealership based in the Southeastern
United States. Kern has access to new car trade-ins from some of
the largest national new car dealers through the relationship of
its CEO, Mr. Jacob Kern, developed through years of prior
transactions. The Company is well positioned to take advantage of
the current market for used vehicles and offer financing for its
customers. The goal is to provide customers with outstanding
customer service and quality pre-owned vehicles at affordable
prices. www.kernautomotive.com
No terms of the transaction have been disclosed at this time.
However, a definitive agreement is expected by December 31. As part
of the transaction, the food related business of Donini will be
spun out as a separate entity.
Mr. Deros stated that he is extremely excited about the merger
and sees an opportunity to expand into to new business area
providing a stronger potential for revenue and profits for Donini
shareholders.
About Donini, Inc.
Donini, Inc., a New Jersey Corporation, was established in 2001
when the company acquired control by way of a reverse merger of
Pizza Donini, a Canadian company that has been operating and
licensing Italian style restaurants specializing in pizza and
related products within the Greater Montreal Area in the province
of Quebec for over 20 years. The Company has recently completed a
consolidation of its operations by establishing two Canadian
Subsidiaries, Donini Group Inc. and Pizzacorp DTC Franchises Inc.,
whose purposes are; respectively, to hold and control the
intellectual property of the Company and to license the trademarks
and oversee the licensed franchisees of the marks. The Company
plans to expand its operations into the United States and the rest
of Canada.
Safe Harbor Statement
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Donini, Inc. (the Company) to be
materially different from those expressed or implied by such
forward-looking statements. The Company's future operating results
are dependent upon many factors, including but not limited to the
Company's ability to: (i) obtain sufficient capital or strategic
business arrangement to fund expansion plans; (ii) build
management, human resources and infrastructure necessary to support
growth; (iii) competitive factors and developments beyond the
Company's control; and (iv) other risk factors.
Media Contact Contact: Peter Deros Donini, Inc Phone:
514-956-0005 ext 2 pderos@pizzadonini.com
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